this post was submitted on 19 Jan 2025
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[–] phughes@lemmy.ca 13 points 7 hours ago

The first I heard of Trump's memecoin was a headline declaring it was worth $25 Billion. I'm a pretty online person, so I tend to hear about these things pretty quickly. The article said it was worth $9 billion in 12 hours.

$9 billion is an unimaginable amount of money for any number of people to decide to "invest" in under 12 hours. The only way I can explain that happening is if many, very wealthy people, had been notified about the coin going up for sale ahead of time and wanted to curry favor with Trump.

What a fucking embarrassment this country is.

[–] ocassionallyaduck@lemmy.world 33 points 9 hours ago

Don't worry, the DOJ under President Trump wl prosecute those responsible.

Namely the reporters making these allegations.

[–] CharlesDarwin@lemmy.world 16 points 8 hours ago

This is the Rug Pull Administration, after all. Might as well kick it off with really, really big and obvious grift.

Who cares? He’s gonna get away with all of it

[–] MothmanDelorian@lemmy.world 25 points 10 hours ago

This is not a rugpull but a readjustment. The purpose of this coin and Melania's coin is to get around laws preventing foreign sources from donating to or bribing Trump.

[–] HappySkullsplitter@lemmy.world 37 points 13 hours ago

Nobody launders money like Donald Trump. Simply the best

[–] FolknForage@lemm.ee 3 points 8 hours ago

lol who’s still holding this shit

[–] zipzoopaboop@lemmynsfw.com 5 points 9 hours ago

Every crypto is intended as a rug pull

[–] HelixDab2@lemm.ee 54 points 16 hours ago (2 children)

This is a clear and obvious pump-and-dump. Anyone that falls for this deserves to be fleeced.

[–] Bytemeister@lemmy.world 26 points 12 hours ago

I agree they deserve to be fleeced. I just don't think he deserves to get the money.

[–] jagged_circle@feddit.nl 6 points 12 hours ago

I mean its a premine

[–] grue@lemmy.world 176 points 1 day ago (3 children)

Jimmy Carter sold his fucking peanut farm, and now this is the point we're at.

[–] FlyingSquid@lemmy.world 56 points 17 hours ago (1 children)

And doesn't get his 30 days of mourning. Because Carter can't even get a fucking break after he dies.

[–] CeruleanRuin@lemmings.world 15 points 12 hours ago (1 children)

Everyone should post nothing but Carter and King tributes today instead of talking about the coronation.

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[–] Wispy2891@lemmy.world 33 points 20 hours ago

"Let me tell you, folks, this, what we're seeing right now, it's HUGE, okay? I mean, some people are saying—and I don’t know, but they’re saying—it could be the biggest rugpull in the history of rugpulls. Tremendous potential. Absolutely tremendous. Nobody’s ever seen a rugpull like this before, believe me."

[–] EpicMuch@sh.itjust.works 49 points 1 day ago (20 children)

Please correct me: is this nothing but entirely fake money?

[–] Breve@pawb.social 31 points 12 hours ago (4 children)

Pretty much. You can make 1001 cards with your signature and a number on them, sell 1 of them for $1000 to your best friend, then say you're a millionaire now because you have 1000 cards left each worth $1000.

That's how cryptocurrency market caps work.

This was a blatant way to allow people to donate to Trump while skirting existing campaign finance laws. Get his buddies to buy his meme coin for exorbitant prices, and now he gets to keep the money because he “sold” something and it’s not a bribe.

[–] StupidBrotherInLaw@lemmy.world 12 points 12 hours ago (1 children)

I read your comment, thought it's impossible that you're right, and took a beat to verify. You're entirely correct. Crypto truly is this stupid.

[–] Buddahriffic@lemmy.world 3 points 7 hours ago

The same method is used to determine market cap of publically traded companies. Whatever the most recent trade price was * total number of shares = what the company is supposedly worth.

[–] phx@lemmy.ca 2 points 9 hours ago

It's like those terrible celebrity endorsed/named perfumes and other product.

Being sold like stocks

But with no physical product even a shitty one

[–] CeruleanRuin@lemmings.world 4 points 12 hours ago (1 children)

Great! Now we need to fix the tax code so you have to declare that as income, and it's taxed progressively. That would pretty quickly put the kibosh on these scams.

[–] CharlesDarwin@lemmy.world 2 points 8 hours ago

Short term capital gains already are taxed as income. I doubt anyone is holding these rug pull coins for more than a year.

[–] lukewarm_ozone@lemmy.today 19 points 18 hours ago* (last edited 18 hours ago) (6 children)

All money is "entirely fake". The only difference is how big the value fluctuations are and to what degree you can exchange it for other currency. Crypto has a big problem with the former and minor problems with the latter, but generally speaking it's not much less real than, say, the US dollar.

[–] Furbag@lemmy.world 2 points 10 hours ago

When the value of your money is only measured by how much of a different currency you can exchange it for, and not it's actual purchasing power (which is 0 for 99.9% of all cryptocurrencies) then it's essentially fake money. Literally no different than the monopoly money Luigi was carrying around with him.

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[–] CeruleanRuin@lemmings.world 2 points 12 hours ago

Fake money spends.

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